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Bank Of England figures cast shadow on housing recovery

It seems we have yet another day and yet another report into the UK housing sector which appears to be at odds with those seen over the last few days. Today's figures from the Bank of England revealed that mortgage holders in the UK are paying off more debt than new mortgages being taken out with around a net £418 million paid back in July alone. While it obviously makes sense to repay your mortgage debt, if you can afford it, with interest rates so low, there is a growing concern that recently seen demand for mortgage liquidity may not be as strong as many had thought.

The £418 million net repayment of mortgage debt is the largest since records began in 1993 and has caused some concern in government circles. There is no doubt that the UK government is banking on a UK economic recovery, led by the property sector, as we approach the next general election. It seemed, only a few days ago, that the sector had turned with house prices registering more monthly rises and confidence apparently on the up.

How on earth are we supposed to forecast the direction the UK property market when each and every report seems to contradict the previous one!

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